Release notes for Onvio Advisory

With this release, you can now import 1040 return data from Onvio Tax when you create a new Advisory plan for the client. When creating a new plan mark the Import the client's 2020 tax return data checkbox, to import the 2020 tax return data into the 2020 column in the plan.

You can also import the client's 2020 tax return data into existing clients by selecting Import while in the individual's tax plan.

If the client has multiple 2020 returns a dropdown will allow you to choose which return you'd like to import. 

This release provides new calculators to provide advisory services to your clients.

• Employer-Provided Cents-Per-Mile Method
• Partner's At-Risk Losses
• Partner's Outside Basis
• Partner - Components of Suspended Loss Carryover
• S Corporation Shareholder's Basis in Stock and Debt
• Community Property - Allocation of Tax Amounts Between Certain Individuals 
• Decedent - Reconciliation of Information Returns 
• Dependents - Support Test for Dependency Deduction
• Depletion - Oil and Gas

This release adds the option to Copy or Move advisory templates. You can see your templates by going to Onvio Advisory, select Setup, and then Advisory Document Templates.

After opening the template you can now select Manage, then select to either Copy or Move subfolders and files within the template to another template, client, or folder. 

You can now easily and quickly clear all previously-entered data when working in a financial calculator. For more information, see Financial calculators.

We updated the “Practice Forward Content for Implementation” template to insert the client name variable in Practice Forward documents. You do not need to re-import this template if you have substantially modified the content in your existing template. We recommend, though, that you import the “New Content for 2020” template that contains new client-facing (for business and individual clients) tools, as well as internal tools for your firm. You should import the updated templates so that you have the most recent files. For more information about the content and recommendations about where the content should be moved within your Documents templates, visit the Practice Forward Subject in the Thomson Reuters Tax & Accounting Community.

When you open a project in Advisory Documents, the client name and project type are now displayed above the client binder.

You can share folders from within Advisory Projects so that clients can collaborate on files. You can also view information about the shared folders and files to help you keep track of shared information.

Advisory provides preset Advisory Documents Templates that your firm can import for its use.

A Lock icon appears next to the documents that are currently open in Advisory Documents Templates so that only one person works in the documents at one time. You can release the selected lock from within an Advisory Documents Template.

This release provides several financial calculators that you can use to provide advisory services (for example, loan, mortgage, and payroll advice) to your clients.

A Lock icon appears next to the documents in the binder(s) that are currently open in the Projects screen so that only one person works in the documents at one time. You can choose release the selected lock from within an Advisory Project.

This notice describes features for the initial release of Onvio Advisory.

This initial release of Onvio Advisory contains Onvio Advisory Documents, which enables you to provide advisory deliverables to your clients.

The Get started with Onvio Advisory article will help you set up staff profiles, create client contacts, and add projects.

• Save time by creating standard binder templates that you can use to automatically include the same documents each time you create a new client advisory project.
• Customize each client’s project by adding, deleting, uploading, or downloading files for your client.

To make full use of these features and automatically populate data, be sure to install Onvio Link and download the Microsoft Excel and Word Onvio Office add-ins.